Commonwealth v. Standard Plate Glass Co.

Citation201 Pa. 103,50 A. 1003
PartiesCOMMONWEALTH ex rel. SPROUL v. STANDARD PLATE GLASS CO.
Decision Date06 January 1902
CourtUnited States State Supreme Court of Pennsylvania
50 A. 1003
201 Pa. 103

COMMONWEALTH ex rel. SPROUL
v.
STANDARD PLATE GLASS CO.

Supreme Court of Pennsylvania.

Jan. 6, 1902.


Appeal from court of common pleas, Butler county.

Application by the state, on the relation of Henry Sproul for a writ of mandamus against the Standard Plate Glass Company, to compel defendant to transfer 50 shares of stock on the books of said company to relator, and to issue and deliver to him a proper certificate therefor. Prom a judgment for defendant, relator appeals. Affirmed.

The Standard Plate Glass Company, the defendant company, was incorporated February 7, 1887, under the provisions of the general corporation act of April 29, 1874. Upon February 3, 1890, W. E. Schmertz became the owner of 50 shares of stock in the defendant company, of the par value of $5,000; being the shares of stock involved in this case. Upon the same day, if he had not previously been inducted into the office, he became treasurer of the defendant company, and remained such treasurer until January, 1892. Upon the 7th day of April, 1890, Schmertz, not then being indebted to the defendant company, borrowed $5,000 from the Exchange National Bank of Pittsburg and put up his stock, acquired by him February 3, 1890, in defendant company, as collateral security for said loan. The debt not having been paid by Schmertz, the stock pledged therefor was sold by the Exchange National Bank at public sale on June 22, 1899, and was purchased by the plaintiff in this case. The certificate issued to W. E. Schmertz on February 3, 1890, stated that the stock was "transferable on the books of the company, in person or by attorney, upon surrender of this certificate." The Exchange

50 A. 1004

National Bank notified the Standard Plate Glass Company February 2, 1893, that it held the said stock as collateral security. In the meantime, and before January, 1892, Schmertz became generally indebted to the defendant company, and, as treasurer, embezzled its funds in a sum sufficient to cover the value not only of the stock acquired by him on February 3, 1890, but of all other stock at any time held by him in the company.

R. P. Scott, Watson & McCleave, and John S. Wendt, for appellant.

C. Walker, W. D. Brandon, and T. C. Campbell, for appellee.

MITCHELL, J. The act of June 24, 1895 (P. L. 258), provides that upon a sale of stock in any company incorporated under the laws of this commonwealth, "in satisfaction of any debt for which it is pledged, the purchaser shall have the...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT